Raysut Cement H1 profit hits $46m

Muscat, August 12, 2014

Oman-based Raysut Cement Group has reported a pre-tax profit of RO17.48 million ($46 million) for the first six months of 2014, versus RO16.38 million for the same period of last year, marking a rise of 6.7 per cent, a report said.

Demand from the UAE is fuelling fierce competition among local manufacturers for market share, Shaikh Ahmed bin Alawi Al Ibrahim, chairman, Raysut Cement Group, was quoted as saying in the Oman Daily Observer.

“Given this background, the company has met with the challenges effectively by holding on to its sales and enlarging the profit for the group as a whole by optimising sales in varied markets,” Al Ibrahim added.

Pre-tax earnings by the parent company reached RO15.17 million, as against RO13.89 million in 2013. Profit earned by subsidiaries stood at RO2.85 million, compared to RO2.42 million in 2013, according to the report.

The group earned a revenue of RO49.50 million against RO49.52 million (in the corresponding period of 2013, highlighted the report.

Raysut is also pursuing a number of initiatives to augment its capabilities and overall performance, added Al Ibrahim.

Projects underway include the installation of a distribution terminal in Duqm, additional silo capacity at the Salalah plant, and installation of an offshore wheel loader system in the north to facilitate bulk cement handling.